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Durant Hotel in Flint gets 5.8 million

State gives $5.8M tax credit to Durant Hotel project in Flint
by Melissa Burden and Dana DeFever | The Flint Journal
Tuesday July 15, 2008, 10:43 PM
FLINT -- The former Durant Hotel in downtown Flint landed a $5.8 million brownfield tax credit from the state -- bringing the long languishing building closer to being redeveloped.

"It's one very big piece of financing for Durant," said Daniel T. Kildee, county treasurer and chairman of the Genesee County Land Bank Board of Directors. "It moves us one step closer (to redevelopment)."

Kildee said the board has been working on getting the money for several months, something he expected they would receive.

However, Kildee said the tax credit isn't the last piece.

Kildee said he's still waiting to close the deal on a couple other funding sources -- which would give the go ahead to the redevelopment project. He said he'll know more about the additional possible funding within the next several weeks or months.

The eight-story hotel named for William C. "Billy" Durant, the founder of General Motors, has been vacant for more than 30 years.

News of the tax credit comes as Flint celebrates the 100 year anniversary of General Motors, which Durant founded in September 2008.

Last year, the Land Bank Board of Directors created a new holding company to push the project forward and signed a pre-development contract with Lansing-based real estate developer Karp & Associates to take the lead in the project. Both Land Bank and Karp have envisioned the hotel to be redeveloped as commercial space and rental housing aimed at young professionals and college students.

The $37.2-million project is expected to create 16 new jobs, a news release from the state said.

A large fence now surrounds the hotel's perimeter. Interior demolition work began last month.

The interior demolition, Kildee said, is required whether the building will be redeveloped or torn down.

"The good news is all signs point towards getting it redeveloped," he said.

Great news for sure. We all can contribute if you like. More money is needed. Bob Smith from Flint had a Durant Club tour there many years ago for all of us. Very good looking building.

Lance Haynes San Diego

Where Are You From? www.lancedurant.com

Do You own a car built by Durant? Lots of them


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